Here I have found an opportunity on XAU/USD with two possible scenarios.

Dependent on todays (05/07/2017) Daily candle close on Gold ( XAU/USD ); I have found two seperate possibilities - either option still gives me the same bias on Gold , which is a short to $1200 per Oz.

If we get a Daily candle close as a shooting star , I will automatically enter a Gold short, with stops above 20-30pips above the high of the shooting star . Targets would be just above $1200 (maybe $1201.00). The reasoning behind this is that I think we have a lot of bearish momentum with Gold at the moment, a weak daily close could be enough to push gold lower without a pullback.

However if we see a green bodied close on the daily candle, I still believe we are in consolidation and a pullback (up to retest the trendline we recently broke, which matches with the 61.8% Fibonacci area) could well be on the cards. So if we do see a strong daily close, I will await a pullback to these levels before looking for short opportunities.

I have clearly marked both possibilities on the chart (see the arrows).